Fitch revises Upfield view to negative

Fitch Ratings said it revised the outlook on Sigma Holdco BV's (Upfield) to negative from stable and affirmed the long-term issuer default rating at B. The agency also affirmed the long-term senior secured rating on the senior secured facilities issued by Upfield USA Corp. and Upfield BV at B+/RR3 and the company's senior unsecured notes at CCC+/RR6.

“The revision of the outlook to negative reflects the risk that Upfield's deleveraging to levels aligned with its B rating may not occur over the next three years. This is because our revised EBITDA expectations incorporate significant cost inflation in 2022 and we assume that cost savings are likely to be reinvested to support brands rather than grow EBITDA,” Fitch said in a press release.

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